SA Labor to lure companies with funding

Jay Weatherill is promising an extra $60 million to lure companies to set up in South Australia.

Companies would be lured to set up in South Australia with an additional $60 million in investment grants and loans under a re-elected Labor government.

Premier Jay Weatherill said Investment Attraction South Australia has already created more than 9000 jobs since its 2015 establishment - though not all of them have been filled.

"The agency has secured more than 40 high-profile companies including Hollywood film giant Technicolor, Boeing, German supermarket chain Kaufland and cyber security company VeroGuard Systems," he said on Friday.

The announcement comes a day after Mr Weatherill met with a company that builds cancer-fighting proton therapy machines, which will set up an assembly, test and training plant in Adelaide.

The South Australian government provided US-based business ProTom with $5 million in grants and $5 million in loans to establish its centre of excellence.

ProTom chief executive Stephen Spotts told reporters the company would have set up in the state without the money, but was grateful to have found a "partner" in the government.

Investment Attraction South Australia was created to boost job creation in South Australia following the collapse of the state's automotive industry.

Mr Weatherill said recipients of grants and loans are subject to deeds of arrangement, meaning the money can be clawed back by the government if jobs are not delivered.

His latest pledge would deliver $30 million in grants and $30 million in low-interest loans, and brings the agency's total funding to $130 million.